Oil prices today, December 12, at the end of the trading session on December 11, oil prices increased by more than 1 USD after the European Union agreed to impose additional sanctions, threatening the flow of Russian oil, tightening the world's crude oil supply. Domestically, oil prices are forecast to decrease slightly.
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Brent crude rose $1.33, or 1.84 percent, to $73.52 a barrel. WTI crude rose $1.70, or 2.48 percent, to $70.29 a barrel.
Reuters reported that on December 11, European Union (EU) ambassadors agreed on the 15th package of sanctions against Russia for the special military campaign it is conducting in Ukraine.
The sanctions package is likely to be formally adopted at a meeting of EU foreign ministers on Monday and will target nearly 30 entities, more than 50 individuals and 45 oil tankers.
Tightening flows from Russia is likely to support and offset traditional demand figures, said John Kilduff, a partner at Again Capital in New York.
Supporting oil prices during the session was data showing that US crude inventories fell by 1.4 million barrels in the week ending December 6. However, a sharp increase in US gasoline and distillate inventories weighed on oil prices. According to the US Energy Information Administration, US gasoline inventories rose by 5.1 million barrels and distillate inventories rose by 3.2 million barrels.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for demand growth in 2024 and 2025 for the fifth consecutive month, the largest cut ever.
In its monthly report, OPEC said it expects global oil demand to grow by 1.61 million barrels per day in 2024, down from its forecast of 1.82 million barrels per day last month. OPEC also cut its 2025 growth estimate to 1.45 million barrels per day from 1.54 million barrels per day.
In July, OPEC expected world demand to increase by 2.25 million barrels per day in 2024.
Investors are now expecting Chinese demand to pick up following Beijing's latest plans to boost economic growth.
Earlier this week, China said it would adopt a more accommodative monetary policy in 2025, marking the first easing in 14 years.
Kenny Zhu, research analyst at Global X, believes that China's monetary and fiscal stimulus measures will be important data points to watch next year.
China's crude oil imports in November increased by more than 14% year-on-year.
Domestic retail prices of gasoline on December 12 are as follows:
E5 RON 92 gasoline is not more than 19,864 VND/liter. RON 95-III gasoline is not more than 20,563 VND/liter. Diesel oil not more than 18,382 VND/liter. Kerosene not more than 18,817 VND/liter. Fuel oil not exceeding 16,125 VND/kg. |
The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance - Ministry of Industry and Trade in the price management session this afternoon. As the world oil prices continued to decrease last week, domestic oil prices will continue to decrease. Gasoline prices are forecast to decrease slightly by 50-100 VND/liter, oil prices will decrease by 150-500 VND/liter (kg).
In the most recent adjustment, the price of RON 95-III gasoline decreased by 294 VND/liter, E5 RON 92 gasoline increased by 24 VND/liter, diesel decreased by 395 VND/liter, kerosene decreased by 325 VND/liter, and fuel oil "stayed still".
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-1212-the-gioi-tang-hon-1-usd-trong-nuoc-duoc-du-bao-giam-nhe-297094.html
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